ABSTRACT

Growth dynamics are often explained by insatiable wants or anthropological constants, modelled as preferences and behavioural axioms. By contrast, structural perspectives postulate a growth imperative due to macroeconomic or monetary system-inherent properties. Reconciling both perspectives, we develop a relational structure–agency framework to evaluate growth imperative hypotheses. We analytically separate the credit structure (including balance-sheet mechanics and nominal uncertainty) from institutional structure, and describe decision norms for households, entrepreneurs, commercial banks, central bank, and the state. Our framework suggests that the interplay of credit principles, income-dependent saving and portfolio saving rationales prevent the interest rate from adjusting downwards and thereby cause mature credit economies to stagnate. Underemployment results in growth policies becoming the dominant norm – seeking, under budget constraints, to overcome declining growth rates. Our method helps identifying agency to resolve this imperative. Preventing real asset inflation to relieve monetary policy at the effective lower bound appears essential.

摘要

增长动力通常由永不满足的需求或人类学常数来解释，以偏好和行为公理为模型。相比之下，由于宏观经济或货币体系固有的特性，结构性观点假设增长势在必行。调和这两种观点，我们开发了一个关系结构 - 代理框架来评估增长势在必行的假设。我们在分析上将信贷结构（包括资产负债表机制和名义不确定性）与制度结构分开，并描述了家庭、企业家、商业银行、中央银行和国家的决策规范。我们的框架表明，信贷原则、收入依赖型储蓄和投资组合储蓄原理的相互作用阻止了利率向下调整，从而导致成熟的信贷经济停滞不前。就业不足导致增长政策成为主导规范——在预算限制下寻求克服增长率下降的问题。我们的方法有助于确定机构来解决这一当务之急。防止实际资产通胀以在有效下限缓解货币政策似乎至关重要。